Non-US Investing • Before filing I-407 and trigger form 8854 (am I missing something?)

I assume the house is in Norway? Are there any tax consequences of transferring ownership of the house to your US citizen spouse in Norway?

No, but there may be some legal complexity as to who inherits it if i die - wife or minor children. Minor children with assets above $16k will have a trustee appointed by gov't to manage their wealth. In Norway, a will cannot override children's claim to the estate. Jointly owned house can pass to spouse unhindered. Given the annual exclusion amount to noncitizen spouses, I believe we have options should they be necessary, rather than jumping through this hoop right now.

Most treaties seem to treat 401a accounts and IRA the same. this is more a question of how the broker will treat your w8-ben (ie they might not care and you'll be on the hook for a 1040NR). I would probably time the withdrawal in dec 2025 and file the 1040-nr in early 2026 to minimize the time to get back the 30% witholding the broker might insist on taking.

Thanks for this advice.

Another tax planning option to consider is divorce (no I'm not joking). In a divorce, you would split the 401k/IRA and your wife would get half of them. assuming you can remarry right after and she's not angry at you.

That would only add assets to my name. Not to mention the impracticality...

In all seriousness, another option to explore is to all severe US Person status ties. If that's something your wife can see herself do, it simplifies everthing (in the future, not now).

Unlikely - we have two US citizen children and have had plans to return. But they are indefinitely on hold. I have held on to the LPR status for a few years now, but am unable to maintain it for immigration purposes.

Statistics: Posted by oslocal — Mon Apr 22, 2024 3:10 am — Replies 3 — Views 361

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